India Aims for US$ 31 Billion Pharmaceutical Exports in FY25, Focuses on UK and US Markets

India Targets US$ 31 Billion Pharmaceutical Exports in FY25, UK and US Key Markets

Team Finance Saathi

31/May/2024

Key Points:

Ambitious Export Target: India aims to achieve US$ 31 billion in pharmaceutical exports in FY25, with the UK and US identified as primary markets.
Focus on UK Market: Pharmexcil plans to target US$ 1 billion in exports to the UK, citing rising demand for affordable generics.
Significance of US Market: The US remains a crucial market, representing 31% of Indian drug exports, with over 90% of prescriptions filled with affordable generics.

India's pharmaceutical sector is poised for significant growth as the country aims to achieve US$ 31 billion in exports in the fiscal year 2025. This ambitious target is fueled by the robust performance of the industry, which saw a 9.6% growth in pharmaceutical exports in FY24, totaling US$ 27.9 billion. Director General of the Pharmaceutical Exports Promotion Council (Pharmexcil), Mr. Udaya Bhaskar, revealed plans to target US$ 1 billion in exports to the UK, citing the rising demand for affordable generics in the country.

The United Kingdom has emerged as a promising destination for Indian pharmaceutical exports, witnessing a notable 21.1% year-on-year increase in FY24, reaching US$ 784.32 million. Despite a slight decline in the previous year, the UK still constitutes a significant portion, accounting for 2.82% of India's pharmaceutical export market. Meanwhile, the United States remains a crucial market, representing a substantial 31% share of Indian drug exports, with a 15.6% year-on-year growth in FY24.

Mr. Bhaskar emphasized the significance of the US market, where over 90% of prescriptions are filled with affordable generics. Indian companies supply four out of every 10 prescriptions filled in the US, indicating the country's pivotal role in the pharmaceutical supply chain. With Americans filling 6.7 billion prescriptions in 2022, a 3.6% increase from the previous year, the US continues to be a vital driver for Indian drug manufacturers.

In line with its ambitious export target, Pharmexcil plans to conduct a roadshow in Belgium, the Netherlands, and the UK in November to further bolster exports and tap into emerging opportunities. With strategic initiatives and a focus on key markets, India's pharmaceutical sector is poised for sustained growth and global leadership in the years to come.

Also Read : RBI Highlights Robust GDP Growth Driven by Strong Investment Demand and Prudent Policies

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India Targets US$ 31 Billion Pharmaceutical Exports in FY25, UK and US Key Markets

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